Ex-CARS24 CEO’s Startup Electrifi Secures INR 25 Cr To Scale Deployment Of EV Assets

EV asset management and leasing startup Electrifi Mobility has secured INR 25 Cr as part of a seed funding round in a mix of debt and equity. The round saw participation from Asian Development Bank (ADB) Ventures, AdvantEdge Founders and other investors. 

The Gurugram-based startup plans to utilise the funds to shore up hiring, expand its footprint and scale up the deployment of assets and service infrastructure. 

In a statement, the startup said that the fresh capital will enable it to ready a fleet of 20,000 EVs over the coming years. The company also claimed that it will deploy more than INR 500 Cr worth of commercial EV assets over the next three years.

“… The capital and support from our investors at ADB and AdvantEdge will enable us to build on our strong start and deploy over 20,000 EVs in India while also building a platform for us to continue to scale in the future,” said Electrifi Mobility cofounder and CEO Kunal Mundra.

Commenting on the fundraise, managing partner at AdvantEdge Kunal Khattar said, “At AdvantEdge, we are driven by the belief that for a sustainable future, we need scalable and profitable mobility solutions. Electrifi’s model exemplifies this approach…”

Founded in 2023 by ex-Cars24 CEO Kunal Mundra and Grip Invest cofounder Nikhil Aggarwal, Electrifi is a full-stack EV asset management and leasing company. The startup offers end-to-end solutions such as leasing, maintenance, post-sales support, refurbishment, and redeployment of EV assets. 

It claims to have more than 15,000 EV assets under management (AUM) in partnership with Grip Invest.

Electrifi Mobility competes with the likes of Ohm Mobility, Alt Mobility, and Vidyut Tech. 

The latest fundraise comes at a time when the Indian cleantech sector, especially the EV space, is witnessing a major uptick in investor interest. Last year, Ola Electric raised one of the biggest funding rounds and has even filed its IPO papers to go public. 

Meanwhile, apart from the OEM landscape, different aspects of the EV landscape are coming together to fuel the adoption of electric vehicles. However, the EV financing market is still plagued by several issues such as higher interest rates for non-premium vehicles, and apprehensions about battery life, among others. 

As per NITI Aayog, the Indian two-wheeler EV financing market is projected to soar to INR 13K Cr-INR 15K Cr by FY26.